All Topics / General Property / Our First IP

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  • Profile photo of fostonfoston
    Member
    @foston
    Join Date: 2003
    Post Count: 111

    The finance has just been approved on our first Ip, a 2 bed unit, not a world beater but a place to start.Purchased for $95k, about $15k under listed price, is tenanted, rent is $135 pw. Needs paint and carpets and some minor repairs and then rent is going up to $145 – $150.We are pretty excited about it, this is just the start to our property investing journey.
    Cheers
    Foston

    Life is a series of new beginnings

    Profile photo of woodsmanwoodsman
    Member
    @woodsman
    Join Date: 2004
    Post Count: 714

    Great journeys start with the first step. Congratulations…and to many more in the future…[party]

    James

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Congratulations…be no stopping you now!

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of MonopolyMonopoly
    Member
    @monopoly
    Join Date: 2004
    Post Count: 1,612

    Congratulations foston!!!!!

    That’s great stuff!!!! [drummer]

    They say that the first one is the hardest, but once you’ve done it, the rest are a piece of cake!!!! [biggrin][biggrin][biggrin]

    Cheers,

    Jo

    Profile photo of SuperTedSuperTed
    Member
    @superted
    Join Date: 2003
    Post Count: 205
    Originally posted by foston:

    The finance has just been approved on our first Ip, a 2 bed unit, not a world beater but a place to start.Purchased for $95k, about $15k under listed price, is tenanted, rent is $135 pw. Needs paint and carpets and some minor repairs and then rent is going up to $145 – $150.We are pretty excited about it, this is just the start to our property investing journey.
    Cheers
    Foston

    Life is a series of new beginnings

    Congratulations..

    13.5% discount on list price> Plenty of inflated stuff still around. Definatley go fishing 20% lower and see what happens [biggrin]

    Profile photo of chefmanchefman
    Participant
    @chefman
    Join Date: 2003
    Post Count: 61

    [thumbsupanim]Well done!!!!!! We have also invested in the same area and have done okay. You are on your way now and all the best

    Profile photo of JetDollarsJetDollars
    Participant
    @jetdollars
    Join Date: 2003
    Post Count: 2,435

    Well done mate and I hope your retirement plan will be reach and fulfill as wish!

    It won’t be to late to retire at 55.

    Kind regards

    Jet Dollars
    [Retire Young, Retire Rich] [strum]

    Profile photo of Brenda IrwinBrenda Irwin
    Participant
    @brenda-irwin
    Join Date: 2003
    Post Count: 119

    Congratulations foston[specool]

    Don’t forget to insure it well. Use this time now to apply different figures like capital growth and rental increases to see how it will turn out in a certain amount of years. It’s always fun to do figures and a ‘real life’ purchase, rather than a ‘what if’ purchase.

    Enjoy.[biggrin]

    If you want to get out of a hole, first stop digging.

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